Corient Private Wealth LP Buys Shares of 101,646 BlackRock $BLK

Corient Private Wealth LP bought a new stake in shares of BlackRock (NYSE:BLK) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 101,646 shares of the asset manager’s stock, valued at approximately $97,739,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Perennial Investment Advisors LLC bought a new stake in shares of BlackRock in the 2nd quarter worth approximately $687,000. Ausdal Financial Partners Inc. acquired a new position in BlackRock during the 2nd quarter valued at approximately $1,178,000. Bamco Inc. NY bought a new position in BlackRock during the 2nd quarter worth $1,300,000. Bank of America Corp DE bought a new position in BlackRock during the 2nd quarter worth $4,409,095,000. Finally, Basswood Capital Management L.L.C. acquired a new stake in BlackRock in the second quarter worth $23,122,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BLK has been the topic of a number of recent research reports. Weiss Ratings cut BlackRock from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Zacks Research raised shares of BlackRock from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. BNP Paribas Exane lifted their price objective on shares of BlackRock from $1,300.00 to $1,350.00 and gave the company an “outperform” rating in a research report on Tuesday, June 23rd. UBS Group upped their target price on shares of BlackRock from $1,270.00 to $1,320.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Finally, Evercore restated an “outperform” rating and issued a $1,260.00 price target on shares of BlackRock in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $1,311.06.

Key BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) has processed more than $5 billion in tax-deferred conversions from directly held Bitcoin. Reducing the minimum conversion size from $25 million to $1 million could make the product accessible to more wealthy investors and institutions, potentially supporting assets under management and fee revenue. However, these transactions transfer existing Bitcoin into the ETF rather than representing equivalent new cash inflows. Bitcoin to $100K? BlackRock’s $5B ETF Shift Pulls More BTC Into Wall Street
• Positive Sentiment: Wall Street analysts remain broadly optimistic about BlackRock’s growth prospects and target price, despite the shares’ strong multiyear advance. What Are Wall Street Analysts’ Target Price for BlackRock Stock?
• Neutral Sentiment: BlackRock named Jessica Tan to lead its global product unit, a management change that could influence future product development and distribution but whose financial impact is not yet clear. BlackRock names Jessica Tan to head global product unit
• Neutral Sentiment: The company announced final August cash distributions for the iShares Premium Money Market ETF. The announcement is routine and primarily affects fund investors rather than BlackRock’s corporate earnings. BlackRock Canada Announces Final August Cash Distributions
• Negative Sentiment: Rosen Law Firm said it is investigating potential securities claims involving BlackRock mutual funds, alleging that the company may have issued materially misleading business information. The announcement does not establish wrongdoing, but it introduces potential legal, reputational and financial risk. BlackRock Investor News: Rosen Law Firm Investigation
• Negative Sentiment: One valuation review says BlackRock now trades near fair value on intrinsic estimates and looks expensive on earnings multiples after an approximately 82% three-year return, limiting near-term upside unless earnings and fee growth accelerate. BlackRock Stock Looks Fully Valued After an 82% Run

BlackRock Price Performance

Shares of BLK opened at $1,174.17 on Thursday. The firm has a market capitalization of $181.84 billion, a price-to-earnings ratio of 28.06, a price-to-earnings-growth ratio of 1.30 and a beta of 1.42. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.59 and a current ratio of 3.59. BlackRock has a one year low of $917.39 and a one year high of $1,219.94. The stock’s fifty day moving average is $1,075.18 and its 200-day moving average is $1,045.98.

BlackRock (NYSE:BLK) last issued its quarterly earnings data on Wednesday, July 15th. The asset manager reported $13.91 earnings per share for the quarter, beating analysts’ consensus estimates of $12.69 by $1.22. The business had revenue of $7.08 billion for the quarter, compared to analysts’ expectations of $6.73 billion. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The company’s revenue was up 30.6% on a year-over-year basis. During the same period in the previous year, the business earned $12.05 earnings per share. Equities analysts anticipate that BlackRock will post 55.86 EPS for the current year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be paid a $5.73 dividend. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 8th. BlackRock’s dividend payout ratio is currently 54.78%.

About BlackRock

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.